Hi, I am on my way to Atlantic City, but I'll try to answer the question of what a Crest and Seal chip is:

First, it does not matter what the history of this is, what old distributors called it, etc. It just matters what collectors call it, what is practical for collector needs today.

Second, everyone agrees that a Crest and Seal chip MUST BE SMOOTH; that is, there is no embossed rim mold design. The chip is flat.

Finally, the last issue has a little controversy, but I think it should have a round LITHO INLAY as in the six inlaid chips on the bottom of two rows of this photo:
http://www.megsinet.net/~wally/Robert/spread.jpg
I --and most collectors-- do NOT think a Crest and Seal is any flat chip with a die cut "profile" or "silhouette" inlay like this one:
http://www.megsinet.com/wally/Robert/bsclub.jpg

Case closed?